Antoine Leboyer and ABR

Richard S. Ruback; Royce  Yudkoff

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Case | HBS Case Collection | October 2012

Antoine Leboyer and ABR

by Richard S. Ruback and Royce Yudkoff

Abstract

Antoine Leboyer (HBS '92) acquired the Swiss-based software company ABR in February 2008. He managed through the recession of 2008-2009, dealt with a tumultuous separation from the founder/owner, rebuilt the management team, and upgraded the company's software development. By mid-2012 Leboyer believed ABR was positioned to invest in product development. His investment partner, however, wanted the company to focus on increasing profitability and cash flows.

Keywords: small business; corporate finance; Acquisitions; Private Equity; Growth Management; France; Switzerland;

Language: English

Format: Print

5 pages

Find at Harvard

Citation:

Ruback, Richard S., and Royce Yudkoff. "Antoine Leboyer and ABR." Harvard Business School Case 213-055, October 2012.

About the Authors

Richard S. Ruback

Baker Foundation Professor, Willard Prescott Smith Professor of Corporate Finance, Emeritus

Finance

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Royce G. Yudkoff

Professor of Management Practice

Finance

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Case | HBS Case Collection | August 2019

Helena Divišová

Richard S. Ruback, Royce Yudkoff, Richard S. Ruback and Royce Yudkoff

Helena Divišová (MBA, 2016) decided to return home to the Czech Republic soon after graduation to be near her father who became seriously ill soon after she started HBS. She had considered leaving HBS immediately to help run his business. But her father, who grew up in the Czech Republic when travel and overseas educational opportunities were severely limited, would not allow her to abandon her studies. Instead, Divišová’s husband, Pavel Diviš, returned to help with the family business while she completed her MBA. She also gave birth to their first child in April, just before graduation. And so, the decision to return to the Czech Republic seemed obvious; her immediate family would be together and she would be able to be with her extended family during her father’s illness.

Keywords: Entrepreneurship; Personal Development and Career; Czech Republic;

Citation:
Ruback, Richard S., and Royce Yudkoff. "Helena Divišová." Harvard Business School Case 220-020, August 2019. View Details

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Case | HBS Case Collection | August 2019

Helena Divišová

Richard S. Ruback, Royce Yudkoff, Richard S. Ruback and Royce Yudkoff

Helena Divišová (MBA, 2016) decided to return home to the Czech Republic soon after graduation to be near her father who became seriously ill soon after she started HBS. She had considered leaving HBS immediately to help run his business. But her father, who grew up in the Czech Republic when travel and overseas educational opportunities were severely limited, would not allow her to abandon her studies. Instead, Divišová’s husband, Pavel Diviš, returned to help with the family business while she completed her MBA. She also gave birth to their first child in April, just before graduation. And so, the decision to return to the Czech Republic seemed obvious; her immediate family would be together and she would be able to be with her extended family during her father’s illness.

Keywords: Entrepreneurship; Personal Development and Career; Czech Republic;

Citation:
Ruback, Richard S., and Royce Yudkoff. "Helena Divišová." Harvard Business School Case 220-020, August 2019. View Details

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Case | HBS Case Collection | August 2019

Systems Design West

Richard Ruback, Royce Yudkoff, Richard Ruback and Royce Yudkoff

Jenn Braus (HBS 2013) was half-way through the 90-day exclusivity period for her proposed acquisition of Systems Design West (“SDW”). She had completed her business and accounting due diligence. Just as she was about to ask her lawyer to begin drafting the purchase agreement, she received a call from the seller that the company had reached agreement with a large new client that would increase revenue by roughly 20%. The seller asked that the success be reflected in an increased offer price, although he had not specified the amount of the increase.
Braus needed to decide on an appropriate response. Should she stand fast? In her mind, she had already agreed to pay a premium price for SDW, with a higher than typical multiple of EBITDA. Part of her rationale for the high multiple was that she believed the company had significant growth potential. Paying a higher price in response to the new customer seemed like paying twice for the growth. However, because the new customer was so large, Braus imagined that it would nudge the run rate EBITDA for SDW to about $1 million, eliminating a concern she had about the small size of the business. If she decided to negotiate a higher price, how much an increase was appropriate? Simply applying historical margins would imply that a 20% increase in revenue would correspond to a 20% increase in price. Alternatively, it could be more as margins improved with operating leverage or it could be less if significant fixed costs were required to on-board the new customer. Additionally, Braus was concerned that a new customer was inherently riskier than SDW’s typical customer that had a history of recurring revenue.

Keywords: Acquisition; Price; Negotiation Offer; Decision Making;

Citation:
Ruback, Richard, and Royce Yudkoff. "Systems Design West." Harvard Business School Case 220-004, August 2019. View Details

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Antoine Leboyer and ABR

Abstract

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